Estate in land
From Academic Kids
An estate is the right, interest, or nature of interest, a person has in real property.
The Bundle of Rights - privileges, benefits, & amenities associated with ownership include the rights to possess, occupy, use, exclude others from, sell, lease, mortgage, give away, or abandon the property
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Categories of estates
Estates in land can be divided into four basic categories:
- Freehold estates: rights of ownership
- fee simple (fee simple absolute)—most rights, least limitations, indefeasible
- fee tail—inalienable rights of inheritance
- conditional, defeasible, or determinable fee—voidable ownership
- life estate—ownership for duration of someone's life
- Leasehold estates: rights of possession and use but not ownership. The lessor (owner/landlord) gives this right to the lessee (tenant). There are four categories of leasehold estates:
- estate for years (tenancy for years)—lease of any length with specific begin and end date
- periodic estate (periodic tenancy)—automatically renewing lease (month to month, week to week)
- estate at will (tenancy at will)—loose agreement, can be terminated at will
- tenancy at sufferance—created when tenant remains after lease expires and becomes a holdover tenant, converts to holdover tenancy upon landlord acceptance; see Forcible Entry and Detainer Statutes
- Types of leases:
- Statutory estates: created by law
- community property
- homestead
- dower—interest a wife has in the property of her husband
- curtesy—interest a husband has in the property of his wife
- tenancy by entirety
- Equitable Estates: neither ownership nor possession
